Welcome!

News Feed Item

Fairfax Financial Holdings Limited: Financial Results for the Year Ended December 31, 2013

TORONTO, ONTARIO -- (Marketwired) -- 02/13/14 --

(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted. The financial results are reported under International Financial Reporting Standards, except as otherwise noted.)

Fairfax Financial Holdings Limited (TSX:FFH)(TSX:FFH.U) announces a fiscal year 2013 net loss of $573.4 million ($31.15 per diluted share after payment of preferred share dividends) compared to net earnings of $526.9 million ($22.68 per diluted share after payment of preferred share dividends) in 2012, reflecting unrealized losses on its investment portfolio, partially offset by improved underwriting results. Book value per basic share decreased to $339.00 at December 31, 2013 from $378.10 at December 31, 2012 (a decrease of 7.8% adjusted for the $10 per common share dividend paid in the first quarter of 2013).

Prem Watsa, Chairman and Chief Executive Officer of Fairfax, commented, "Our insurance companies had an outstanding year in 2013 with a combined ratio of 92.7% with excellent reserving and record underwriting profits. OdysseyRe had a record low combined ratio of 84% while Zenith made an underwriting profit for the first time since we purchased it in 2010. We realized gains from our common stock portfolios of $1.3 billion in 2013. Excluding all hedging losses and before mark to market fluctuations in our investment portfolio, we earned $1.9 billion in pre-tax income. Including all hedging losses and mark to market fluctuations in our investment portfolio, we reported a $0.6 billion after tax loss for 2013. We expect the unrealized mark to market losses to reverse in the future. Our common stock portfolios continue to be fully hedged. We continue to be soundly financed, with year-end cash and marketable securities in the holding company of $1.3 billion."

In the fourth quarter of 2013, Fairfax had a net loss of $5.5 million ($0.98 per diluted share after payment of preferred share dividends) compared to net earnings of $402.4 million in the fourth quarter of 2012 ($18.82 per diluted share after payment of preferred share dividends). The small loss in the fourth quarter of 2013 reflected unrealized losses on its investment portfolio, partially offset by improved underwriting results.

Highlights for 2013 included the following:

--  The combined ratio of the insurance and reinsurance operations was 92.7%
    on a consolidated basis, producing an underwriting profit of $440.0
    million, compared to a combined ratio and underwriting profit of 99.9%
    and $6.1 million respectively in 2012. 
    
--  Net premiums written by the insurance and reinsurance operations
    increased by 0.2% to $6,005.8 million compared to $5,995.0 million in
    2012. 
    
--  The insurance and reinsurance operations produced operating income
    (excluding net gains or losses on investments) of $770.2 million,
    compared to $298.5 million in 2012, primarily as a result of the
    improved underwriting.  
    
--  Interest and dividend income of $376.9 million decreased from $409.3
    million in 2012, primarily because of large holdings of cash and short
    term investments ($8,011.4 million at December 31, 2013). As of December
    31, 2013, subsidiary cash and short term investments accounted for 31.8%
    of the company's portfolio investments. Interest income as reported is
    unadjusted for the positive tax effect of the company's significant
    holdings of tax-advantaged debt securities (holdings of $4,781.6 million
    at December 31, 2013 and $5,292.5 million at December 31, 2012). 
    
--  Net investment losses of $1,564.0 million in 2013 (net investment gains
    of $642.6 million in 2012) consisted of the following: 
    

                                            Year ended December 31, 2013    
                                         -----------------------------------
                                                    ($ millions)            
                                            Realized  Unrealized            
                                               gains      gains   Net gains 
                                            (losses)    (losses)    (losses)
                                         ----------- ----------- -----------
Net gains (losses) on:                                                      
  Equity and equity-related investments     1,324.2       120.9     1,445.1 
  Equity hedges                            (1,350.7)     (631.3)   (1,982.0)
                                         ----------- ----------- -----------
  Equity and equity-related investments                                     
   after equity hedges                        (26.5)     (510.4)     (536.9)
  Bonds                                        65.9      (994.9)     (929.0)
  CPI-linked derivatives                          -      (126.9)     (126.9)
  Other                                       (10.5)       39.3        28.8 
                                         ----------- ----------- -----------
                                               28.9    (1,592.9)   (1,564.0)
                                         ----------- ----------- -----------
                                         ----------- ----------- -----------
                                                                            
                                                                            
                                               Fourth quarter of 2013       
                                        ------------------------------------
                                                    ($ millions)            
                                           Realized   Unrealized            
                                              gains       gains   Net gains 
                                           (losses)     (losses)    (losses)
                                        ----------- ------------ -----------
Net gains (losses) on:                                                      
  Equity and equity-related investments      745.8       (408.4)      337.4 
  Equity hedges                             (739.2)       166.6      (572.6)
                                        ----------- ------------ -----------
  Equity and equity-related investments                                     
   after equity hedges                         6.6       (241.8)     (235.2)
  Bonds                                        2.8       (104.2)     (101.4)
  CPI-linked derivatives                         -        (14.4)      (14.4)
  Other                                        9.0         12.9        21.9 
                                        ----------- ------------ -----------
                                              18.4       (347.5)     (329.1)
                                        ----------- ------------ -----------
                                        ----------- ------------ -----------

--  The company held $1,296.7 million of cash, short term investments and
    marketable securities at the holding company level ($1,241.6 million net
    of short sale and derivative obligations) at December 31, 2013, compared
    to $1,169.2 million ($1,128.0 million net of short sale and derivative
    obligations) at December 31, 2012. 
    
--  The company's total debt to total capital ratio was 26.1% at December
    31, 2013, compared to 25.5% at December 31, 2012. 
    
--  At December 31, 2013, common shareholders' equity was $7,186.7 million,
    or $339.00 per basic share, compared to $7,654.7 million, or $378.10 per
    basic share, at December 31, 2012. 

Highlights subsequent to the third quarter of 2013 included the following:

--  On October 3, 2013 the company acquired 100% of American Safety
    Insurance Holdings, Ltd. ("American Safety") for cash consideration of
    $317.1 million which was financed internally by the company's runoff,
    Crum & Forster and Hudson subsidiaries. On October 8, 2013 the company
    sold American Safety's Bermuda-based reinsurance subsidiary to an
    unrelated third party for net proceeds of $52.5 million. Certain lines
    of business formerly written by American Safety were assumed by Crum &
    Forster and Hudson, representing estimated annual gross premiums written
    of approximately $103 million. 
    
--  On November 15, 2013, the company completed an offering of 1 million
    subordinate voting shares at a price of Cdn$431.00 per share for net
    proceeds of Cdn$417.1 million. 

Fairfax holds significant investments in equity and equity-related securities. In response to the significant appreciation in equity market valuations and uncertainty in the economy, the company has hedged its equity investment exposure. At December 31, 2013, equity hedges represented approximately 98% of the company's equity and equity-related holdings. The market value and the liquidity of these hedges are volatile and may vary dramatically either up or down in short periods, and their ultimate value will therefore only be known over the long term.

There were 20.7 and 20.3 million weighted average shares outstanding during the fourth quarters of 2013 and 2012 respectively. At December 31, 2013, there were 21,200,002 common shares effectively outstanding.

Summarized (without notes) condensed consolidated balance sheets and statements of earnings and comprehensive income, along with segmented premium and combined ratio information, follow and form part of this news release. Fairfax's detailed fourth quarter report can be accessed at its website www.fairfax.ca.

As previously announced, Fairfax will hold a conference call to discuss its annual and fourth quarter results at 8:30 a.m. Eastern time on Friday, February 14, 2014. The call, consisting of a presentation by the company followed by a question period, may be accessed at 1 (800) 857-9641 (Canada or U.S.) or 1 (517) 308-9408 (International) with the passcode "Fairfax". A replay of the call will be available from shortly after the termination of the call until 5:00 p.m. Eastern time on Friday, February 28, 2014. The replay may be accessed at 1 (800) 627-0199 (Canada or U.S.) or 1 (203) 369-3299 (International).

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: a reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher or lower than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our investment portfolio; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors' premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; risks associated with implementing our business strategies;

the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; the inability of our subsidiaries to maintain financial or claims paying ability ratings; risks associated with our use of derivative instruments; the failure of our hedging methods to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the failure of any of the loss limitation methods we employ; the impact of emerging claim and coverage issues; our inability to access cash of our subsidiaries; our inability to obtain required levels of capital on favourable terms, if at all; loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional supervision or regulation, including additional tax regulation, in the United States, Canada or other jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; an impairment in the carrying value of our goodwill and indefinite-lived intangible assets; our failure to realize deferred income tax assets; and assessments and shared market mechanisms which may adversely affect our U.S. insurance subsidiaries. Additional risks and uncertainties are described in our most recently issued Annual Report which is available at www.fairfax.ca and in our Supplemental and Base Shelf Prospectus (under "Risk Factors") filed with the securities regulatory authorities in Canada, which is available on SEDAR at www.sedar.com. Fairfax disclaims any intention or obligation to update or revise any forward-looking statements.

CONSOLIDATED BALANCE SHEETS                                                 
as at December 31, 2013 and December 31, 2012                               
(unaudited - US$ millions)                                                  
                                                                            
                                                         December   December
                                                         31, 2013   31, 2012
                                                       ---------- ----------
Assets                                                                      
Holding company cash and investments (including assets                      
 pledged for short sale and derivative obligations -                        
 $124.4; December 31, 2012 - $140.2)                      1,296.7    1,169.2
Insurance contract receivables                            2,017.0    1,945.4
                                                       ---------- ----------
                                                          3,313.7    3,114.6
                                                       ---------- ----------
Portfolio investments                                                       
Subsidiary cash and short term investments                7,445.7    6,960.1
Bonds (cost $9,190.0; December 31, 2012 - $9,428.9)       9,550.5   10,803.6
Preferred stocks (cost $565.1; December 31, 2012 -                          
 $618.7)                                                    541.8      605.1
Common stocks (cost $3,305.5; December 31, 2012 -                           
 $4,066.3)                                                3,835.7    4,399.1
Investments in associates (fair value $1,815.0;                             
 December 31, 2012 - $1,782.4)                            1,432.5    1,355.3
Derivatives and other invested assets (cost $667.8;                         
 December 31, 2012 - $524.0)                                224.2      181.0
Assets pledged for short sale and derivative                                
 obligations (cost $829.3; December 31, 2012 - $791.1)      802.9      859.0
                                                       ---------- ----------
                                                         23,833.3   25,163.2
                                                       ---------- ----------
                                                                            
Deferred premium acquisition costs                          462.4      463.1
Recoverable from reinsurers (including recoverables on                      
 paid losses - $353.3; December 31, 2012 - $311.0)        4,974.7    5,290.8
Deferred income taxes                                     1,015.0      607.6
Goodwill and intangible assets                            1,311.8    1,321.2
Other assets                                              1,047.9      984.9
                                                       ---------- ----------
                                                         35,958.8   36,945.4
                                                       ---------- ----------
                                                       ---------- ----------
                                                                            
Liabilities                                                                 
Subsidiary indebtedness                                      25.8       52.1
Accounts payable and accrued liabilities                  1,800.4    1,877.7
Income taxes payable                                         80.1       70.5
Short sale and derivative obligations (including at the                     
 holding company - $55.1; December 31, 2012 - $41.2)        268.4      238.2
Funds withheld payable to reinsurers                        461.2      439.7
                                                       ---------- ----------
                                                          2,635.9    2,678.2
                                                       ---------- ----------
Insurance contract liabilities                           21,893.7   22,376.2
Long term debt                                            2,968.7    2,996.5
                                                       ---------- ----------
                                                         24,862.4   25,372.7
                                                       ---------- ----------
                                                                            
Equity                                                                      
Common shareholders' equity                               7,186.7    7,654.7
Preferred stock                                           1,166.4    1,166.4
                                                       ---------- ----------
Shareholders' equity attributable to shareholders of                        
 Fairfax                                                  8,353.1    8,821.1
Non-controlling interests                                   107.4       73.4
                                                       ---------- ----------
Total equity                                              8,460.5    8,894.5
                                                       ---------- ----------
                                                         35,958.8   36,945.4
                                                       ---------- ----------
                                                       ---------- ----------
                                                                            
                                                                            
CONSOLIDATED STATEMENTS OF EARNINGS                                         
for the three and twelve months ended December 31, 2013 and 2012            
(unaudited - US$ millions except per share amounts)                         
                                                                            
                                                        Year ended December 
                                     Fourth quarter             31,         
                                 --------------------- ---------------------
                                       2013       2012       2013       2012
                                 ---------- ---------- ---------- ----------
Revenue                                                                     
  Gross premiums written           1,675.6    1,899.9    7,227.1    7,398.3 
                                 ---------- ---------- ---------- ----------
  Net premiums written             1,430.7    1,597.7    6,036.2    6,194.1 
                                 ---------- ---------- ---------- ----------
                                                                            
  Gross premiums earned            1,856.7    2,110.0    7,294.0    7,294.8 
  Premiums ceded to reinsurers      (282.5)    (344.6)  (1,216.7)  (1,209.9)
                                 ---------- ---------- ---------- ----------
  Net premiums earned              1,574.2    1,765.4    6,077.3    6,084.9 
  Interest and dividends             104.1       73.4      376.9      409.3 
  Share of profit of associates       30.4       20.0       96.7       15.0 
  Net gains (losses) on                                                     
   investments                      (329.1)     635.6   (1,564.0)     642.6 
  Other revenue                      304.1      269.8      958.0      871.0 
                                 ---------- ---------- ---------- ----------
                                   1,683.7    2,764.2    5,944.9    8,022.8 
                                 ---------- ---------- ---------- ----------
Expenses                                                                    
  Losses on claims, gross          1,046.9    1,806.5    4,615.6    5,265.5 
  Losses on claims ceded to                                                 
   reinsurers                       (216.3)    (443.6)    (945.3)  (1,022.9)
                                 ---------- ---------- ---------- ----------
  Losses on claims, net              830.6    1,362.9    3,670.3    4,242.6 
  Operating expenses                 298.9      308.9    1,185.0    1,132.1 
  Commissions, net                   248.2      253.8      969.2      920.0 
  Interest expense                    51.3       52.2      211.2      208.2 
  Other expenses                     280.1      283.5      910.3      870.9 
                                 ---------- ---------- ---------- ----------
                                   1,709.1    2,261.3    6,946.0    7,373.8 
                                 ---------- ---------- ---------- ----------
Earnings (loss) before income                                               
 taxes                               (25.4)     502.9   (1,001.1)     649.0 
Provision for (recovery of)                                                 
 income taxes                        (23.6)      96.5     (436.6)     114.0 
                                 ---------- ---------- ---------- ----------
Net earnings (loss)                   (1.8)     406.4     (564.5)     535.0 
                                 ---------- ---------- ---------- ----------
                                 ---------- ---------- ---------- ----------
                                                                            
Attributable to:                                                            
Shareholders of Fairfax               (5.5)     402.4     (573.4)     526.9 
Non-controlling interests              3.7        4.0        8.9        8.1 
                                 ---------- ---------- ---------- ----------
                                      (1.8)     406.4     (564.5)     535.0 
                                 ---------- ---------- ---------- ----------
                                 ---------- ---------- ---------- ----------
                                                                            
Net earnings (loss) per share    $   (0.98) $   19.05  $  (31.15) $   22.95 
Net earnings (loss) per diluted                                             
 share                           $   (0.98) $   18.82  $  (31.15) $   22.68 
Cash dividends paid per share    $       -  $       -  $   10.00  $   10.00 
Shares outstanding (000)                                                    
 (weighted average)                 20,729     20,287     20,360     20,327 
                                                                            
                                                                            
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                             
for the three and twelve months ended December 31, 2013 and 2012            
(unaudited - US$ millions)                                                  
                                                                            
                                                         Year ended December
                                       Fourth quarter            31,        
                                     ------------------- -------------------
                                          2013      2012      2013      2012
                                     --------- --------- --------- ---------
                                                                            
Net earnings (loss)                      (1.8)    406.4    (564.5)    535.0 
                                     --------- --------- --------- ---------
                                                                            
Other comprehensive income (loss),                                          
 net of income taxes                                                        
                                                                            
  Items that may be subsequently                                            
   reclassified to net earnings                                             
    Change in unrealized foreign                                            
     currency translation gains                                             
     (losses) on foreign operations     (50.5)    (25.0)   (164.4)     59.2 
    Change in gains (losses) on hedge                                       
     of net investment in Canadian                                          
     subsidiaries                        48.3      16.4      96.9     (20.4)
    Share of other comprehensive                                            
     income (loss) of associates,                                           
     excluding gains (losses) on                                            
     defined benefit plans                4.5      (7.3)    (12.9)    (10.1)
                                     --------- --------- --------- ---------
                                          2.3     (15.9)    (80.4)     28.7 
                                     --------- --------- --------- ---------
  Items that will not be subsequently                                       
   reclassified to net earnings                                             
    Share of gains (losses) on                                              
     defined benefit plans of                                               
     associates                           3.9      (0.1)      8.9     (10.9)
    Change in gains (losses) on                                             
     defined benefit plans               30.4     (13.7)     31.3     (17.2)
                                     --------- --------- --------- ---------
                                         34.3     (13.8)     40.2     (28.1)
                                     --------- --------- --------- ---------
                                                                            
Other comprehensive income (loss),                                          
 net of income taxes                     36.6     (29.7)    (40.2)      0.6 
                                     --------- --------- --------- ---------
Comprehensive income (loss)              34.8     376.7    (604.7)    535.6 
                                     --------- --------- --------- ---------
                                     --------- --------- --------- ---------
                                                                            
Attributable to:                                                            
Shareholders of Fairfax                  31.0     372.0    (607.1)    527.6 
Non-controlling interests                 3.8       4.7       2.4       8.0 
                                     --------- --------- --------- ---------
                                         34.8     376.7    (604.7)    535.6 
                                     --------- --------- --------- ---------
                                     --------- --------- --------- ---------

SEGMENTED INFORMATION

(unaudited - US$ millions)

Net premiums written and net premiums earned by the insurance and reinsurance operations (excluding Runoff) in the fourth quarters and years ended December 31, 2013 and 2012 were:

Net Premiums Written

                                                                            
                                                               Year ended   
                                           Fourth quarter     December 31,  
                                         ----------------- -----------------
                                             2013     2012     2013     2012
                                         -------- -------- -------- --------
Insurance - Canada (Northbridge)            262.4    243.0  1,031.4    948.7
          - U.S. (Crum & Forster and                                        
           Zenith National)                 446.8    408.1  1,933.2  1,872.8
          - Asia (Fairfax Asia)              66.5     59.2    257.4    240.6
Reinsurance - OdysseyRe                     541.0    573.8  2,376.9  2,402.3
Insurance and Reinsurance - Other            84.1    114.5    406.9    530.6
                                         -------- -------- -------- --------
Insurance and reinsurance operations      1,400.8  1,398.6  6,005.8  5,995.0
                                         -------- -------- -------- --------
                                         -------- -------- -------- --------

Net Premiums Earned

                                                                            
                                                               Year ended   
                                           Fourth quarter     December 31,  
                                         ----------------- -----------------
                                             2013     2012     2013     2012
                                         -------- -------- -------- --------
Insurance - Canada (Northbridge)            250.1    240.3    990.2    992.2
          - U.S. (Crum & Forster and                                        
           Zenith National)                 501.6    484.1  1,934.8  1,811.6
          - Asia (Fairfax Asia)              74.1     62.2    256.2    231.4
Reinsurance - OdysseyRe                     585.2    613.6  2,373.6  2,315.3
Insurance and Reinsurance - Other           112.9    150.9    439.5    514.3
                                         -------- -------- -------- --------
Insurance and reinsurance operations      1,523.9  1,551.1  5,994.3  5,864.8
                                         -------- -------- -------- --------
                                         -------- -------- -------- --------

Combined ratios of the insurance and reinsurance operations (excluding Runoff) in the fourth quarters and years ended December 31, 2013 and 2012 were:

                                                                            
                                                         Year ended December
                                       Fourth quarter            31,        
                                     ------------------- -------------------
                                         2013      2012      2013      2012 
                                     --------- --------- --------- ---------
Insurance - Canada (Northbridge)         90.4%    114.3%     98.2%    106.2%
          - U.S. (Crum & Forster and                                        
           Zenith National)              99.8%    122.6%    100.3%    111.4%
          - Asia (Fairfax Asia)          88.0%     84.4%     87.5%     87.0%
Reinsurance - OdysseyRe                  79.1%     94.4%     84.0%     88.5%
Insurance and Reinsurance - Other        91.5%    109.8%     96.6%    104.3%
                                     --------- --------- --------- ---------
Insurance and reinsurance operations     89.1%    107.4%     92.7%     99.9%
                                     --------- --------- --------- ---------
                                     --------- --------- --------- ---------

Contacts:
Fairfax Financial Holdings Limited
John Varnell
Vice President, Corporate Development
(416) 367-4941
www.fairfax.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Docker and Kubernetes are key elements of modern cloud native deployment automations. After building your microservices, common practice is to create docker images and create YAML files to automate the deployment with Docker and Kubernetes. Writing these YAMLs, Dockerfile descriptors are really painful and error prone.Ballerina is a new cloud-native programing language which understands the architecture around it - the compiler is environment aware of microservices directly deployable into infra...
Apptio fuels digital business transformation. Technology leaders use Apptio's machine learning to analyze and plan their technology spend so they can invest in products that increase the speed of business and deliver innovation. With Apptio, they translate raw costs, utilization, and billing data into business-centric views that help their organization optimize spending, plan strategically, and drive digital strategy that funds growth of the business. Technology leaders can gather instant recomm...
In an age of borderless networks, security for the cloud and security for the corporate network can no longer be separated. Security teams are now presented with the challenge of monitoring and controlling access to these cloud environments, at the same time that developers quickly spin up new cloud instances and executives push forwards new initiatives. The vulnerabilities created by migration to the cloud, such as misconfigurations and compromised credentials, require that security teams t...
Blockchain has shifted from hype to reality across many industries including Financial Services, Supply Chain, Retail, Healthcare and Government. While traditional tech and crypto organizations are generally male dominated, women have embraced blockchain technology from its inception. This is no more evident than at companies where women occupy many of the blockchain roles and leadership positions. Join this panel to hear three women in blockchain share their experience and their POV on the futu...
Serverless Architecture is the new paradigm shift in cloud application development. It has potential to take the fundamental benefit of cloud platform leverage to another level. "Focus on your application code, not the infrastructure" All the leading cloud platform provide services to implement Serverless architecture : AWS Lambda, Azure Functions, Google Cloud Functions, IBM Openwhisk, Oracle Fn Project.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In their Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, and Mark Lav...
AI and machine learning disruption for Enterprises started happening in the areas such as IT operations management (ITOPs) and Cloud management and SaaS apps. In 2019 CIOs will see disruptive solutions for Cloud & Devops, AI/ML driven IT Ops and Cloud Ops. Customers want AI-driven multi-cloud operations for monitoring, detection, prevention of disruptions. Disruptions cause revenue loss, unhappy users, impacts brand reputation etc.
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
Serverless Computing or Functions as a Service (FaaS) is gaining momentum. Amazon is fueling the innovation by expanding Lambda to edge devices and content distribution network. IBM, Microsoft, and Google have their own FaaS offerings in the public cloud. There are over half-a-dozen open source serverless projects that are getting the attention of developers.
CloudEXPO has been the M&A capital for Cloud companies for more than a decade with memorable acquisition news stories which came out of CloudEXPO expo floor. DevOpsSUMMIT New York faculty member Greg Bledsoe shared his views on IBM's Red Hat acquisition live from NASDAQ floor. Acquisition news was announced during CloudEXPO New York which took place November 12-13, 2019 in New York City.
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. DevOpsSUMMIT at CloudEXPO expands the DevOps community, enable a wide sharing of knowledge, and educate delegates and technology providers alike.
According to the IDC InfoBrief, Sponsored by Nutanix, “Surviving and Thriving in a Multi-cloud World,” multicloud deployments are now the norm for enterprise organizations – less than 30% of customers report using single cloud environments. Most customers leverage different cloud platforms across multiple service providers. The interoperability of data and applications between these varied cloud environments is growing in importance and yet access to hybrid cloud capabilities where a single appl...
@CloudEXPO and @ExpoDX, two of the most influential technology events in the world, have hosted hundreds of sponsors and exhibitors since our launch 10 years ago. @CloudEXPO and @ExpoDX New York and Silicon Valley provide a full year of face-to-face marketing opportunities for your company. Each sponsorship and exhibit package comes with pre and post-show marketing programs. By sponsoring and exhibiting in New York and Silicon Valley, you reach a full complement of decision makers and buyers in ...